🦜 Batteries Not Included

The parrot can write, but who sends it out in the rain?

A Free Lunch newsletter archive of May 14, 2026

17,000 media jobs vanished in 2025, an 18% jump from 2024, and the screaming has reached operatic register. The Washington Post is shedding roughly a third of its newsroom. Business Insider went « all-in on AI » while cutting 21% of staff. ProPublica’s guild authorised its first strike specifically over AI protections, with 92% voting to walk. Every other week another union demands a clause forbidding AI-related layoffs, as though a contract addendum could repeal a demand curve.

The lament is always the same: the machines are coming for journalism. Convenient framing, since it casts every cut as a civilisational injury rather than a productivity reckoning. Newsroom leaders have repeated « the great replacement of journalists » so often the slogan now functions as job security. Question it and somebody calls you a Bezos enabler.

Two awkward facts complicate the elegy. AI is mostly being deployed to rewrite Reuters dispatches into 400-word SEO pellets, generate the « everything you need to know about » filler padding regional websites between car-insurance ads, and turn press releases into pieces pretending to be reporting. Anyone whose entire output was already that has reasonable grounds to update a LinkedIn profile. The honest description of « AI replacing journalists » is that a stochastic parrot is now competing with people paid to be stochastic parrots, and winning on price.

On the other side sits everything AI cannot do. It cannot stand outside a Surrey council meeting and corner the chair. It cannot read a 900-page bond prospectus and notice the auditor resigned three weeks before signing. It cannot persuade a frightened ex-employee to talk on Signal at 11pm. The Athletic and ProPublica are not haemorrhaging staff because their work requires being somewhere, talking to someone, and noticing what is missing. The wire-desk model is haemorrhaging because Google’s AI Overviews already ate the traffic that justified it, and any model trained on five years of agency copy can do the rest for the cost of an electricity bill.

None of which excuses the rollouts. CNET published AI-generated finance pieces riddled with errors. Sports Illustrated invented bylines and gave them stock-photo avatars. Politico’s tools produced factual inaccuracies its own arbitrator ruled violated the union contract. The output is frequently garbage and should be treated as such. The diagnosis stands anyway: the jobs being eaten are the ones that never quite required a journalist.

What gets lost in the panic is the harder conversation. Defending the wire-rewriters by calling them journalists is camouflage, and the longer it holds, the longer nobody has to answer the only question that matters: who pays for the reporters still willing to leave the office?

🦜 Batteries Not Included

🗞️ Top Story

🇫🇷 Libyan Ties. Prosecutors have called for Nicolas Sarkozy to be found guilty on all charges in the « Libyan affair, » seeking seven years in prison for the ex-president over campaign funding and corruption. (Le Parisien)
🇫🇷 Pushback Effect. The Paris court launches a probe into Fabrice Leggeri, accused by NGOs of abetting crimes against humanity during his Frontex tenure, now under the spotlight as RN MEP. (Le Figaro)
🇳🇱 Order Ignited. An anti-asylum protest in Loosdrecht escalated to arson as fireworks set fire to the center, forcing the mayor to declare an emergency. (Spiegel)
🇪🇺 Return Policy. The has invited Taliban officials to Brussels for talks on deporting Afghan migrants, sparking outrage from rights groups who call it a values trade-in. (Le Monde)
🇬🇧 Red Wedding. Wes Streeting signals his intent to challenge Keir Starmer for Labour leadership, setting the stage for a party civil war the Tories can only enjoy. (El Pais)
🇬🇧 Crown Control. King Charles unveiled the government’s wishlist of 37 new bills in his annual speech, while Westminster gossips fixated on Sir Keir Starmer’s future. (BBC)
🇺🇸 Room for Insult. Asked about the White House ballroom and inflation, Trump called two journalists « dumb » and « not smart, » then left for China, leaving his staff to praise his « openness » as a national virtue. (Spiegel)
🇭🇹 Bullet Points. In just three days, 5,300 people left northern Port-au-Prince as gangs torched homes and stray bullets shut down medical care. (Le Parisien)
🇨🇳 Great Wall of Words. Donald Trump lands in Beijing promising a « fabulous future » for US-China ties while Xi Jinping coolly warns against rivalry and raises Taiwan as the flashpoint. (Ouest-France)
🇵🇭 Impeach and Block. The Philippine Senate became the latest battleground as Sara Duterte’s supporters derailed an Assembly push to remove her over graft and threats. (Le Monde)
🇸🇾 Collateral Damage. Amnesty International urges an investigation into possible war crimes after Israeli forces allegedly demolished civilian homes in southern Syria without active hostilities. (Le Monde)

🇬🇧 United Kingdom

🇬🇧 Crown Concern. The Duke of Sussex calls out growing antisemitism in Britain, urging people to aim their anger at governments, not entire communities. (BBC)

🏛️ Economy

🇩🇪 Range Anxiety. With US plans for Tomahawk missiles in limbo, Germany explores everything from Turkish deals to homegrown production to fill its security gap. (Le Temps)
🇪🇺 Ticket to Ride. The European Commission wants national train operators to sell tickets for rival companies, aiming for a single booking system across Europe and stronger passenger rights. (Le Monde)
🇪🇺 Script Control. The finalizes a deal to strengthen its arsenal against medicine shortages, promising patients better access when stocks run low. (Le Monde)
🇪🇺 Risky Business. Deutsche Bank 🇩🇪 and Santander 🇪🇸 are piloting the World Bank’s new risk transfer platform, hoping to offload financial risk with a global safety net. (Bloomberg)
🇬🇧 Stake Fight. City of London titans and UK officials are locked in combat over £1.3T in pension funds, with everyone claiming to protect retirees’ interests. (Bloomberg)
🇺🇸 Wire Transfer. New York City Mayor Zohran Mamdani urges state regulators to block Western Union from acquiring Intermex, warning the $500M deal could hike remittance fees for immigrants who rely on both. (New York Times)
🇺🇸 Independence Day? The Senate approved Kevin Warsh as the new Fed chief, but critics doubt he can resist Trump’s push for lower rates. (Le Monde)
🇺🇸 Category Con. FIFA is in the hot seat as California’s attorney general investigates allegations that World Cup ticket buyers paid for premium seats but received lower category spots instead. (Le Parisien)
🇺🇸 Policy Bots. OpenAI launches a Washington lobbying hub as AI firms flood Capitol Hill with $47.8M in influence campaigns, hoping to rewrite the rules in their favor. (New York Times)
🇺🇸 Pumped Up. Inflation in the hit 3.8% year-on-year, fueled by soaring gas prices and costlier groceries, giving Biden new economic headaches. (Libé)
🇺🇸 Bond Voyage. 10-year Treasury yields surged past recent peaks, with inflation worries steering investors away from hopes of lower rates. (Bloomberg)
🇨🇺 Current Affairs. Cuba’s energy minister declared the country has run out of diesel and fuel oil, leaving Havana with 20-hour blackouts and hospitals in crisis. (BBC)
🌍 Current Affairs. The International Energy Agency warns that the Strait of Hormuz supply shock will keep global oil markets tight for months and sharply cut demand forecasts. (Wall Street Journal)

🇺🇸 United States

🇺🇸 Medi-cut. The Trump administration is withholding $1.3B in Medicaid payments from California, accusing the state of ignoring fraud in its public health insurance program. (New York Times)
🇺🇸 Fed New Deal. The Senate confirms Kevin Warsh as Federal Reserve chair, installing Trump’s pick after months of political drama and Powell-bashing. (New York Times)
🇺🇸 Pump Fiction. For the first time in three years, inflation is rising faster than paychecks, with soaring gas prices at $4.50 a gallon outpacing wage gains. (Wall Street Journal)

🏢 Real Estate

🇫🇷 Gilded Age. The world’s ultrarich are snapping up Paris townhouses, with luxury agencies touting the city as a timeless safe haven for big money. (Le Parisien)

🇬🇧 United Kingdom

🇬🇧 Rate Expectations. Estate agents say the Iran conflict has spooked England and Wales homebuyers, with fears of higher mortgage rates chilling the housing market. (The Guardian)
🇬🇧 War and Piece. Turmoil from the US-Israel-Iran conflict pushes Vistry to cut home prices, sending its profits and shares to new lows. (The Guardian)

🇺🇸 United States

🇺🇸 Empty Promises. Despite intense demand, thousands of NYC affordable homes remain unfilled for months, a delay the mayor vows to cut dramatically. (New York Times)
🇺🇸 Highs and Buyers. Mortgage rates reach a five-week peak in the, yet homebuyer demand manages to push mortgage applications upward. (Cnbc)

🔗 On-chain

🇺🇸 Inside Track. Suspiciously well-timed bets on Polymarket, uncovered by The New York Times, suggest insiders used nonpublic information to rake in over $600,000 on geopolitical events. (New York Times)
🇺🇸 Chain Reaction. Payward teams up with Franklin Templeton to bring classic investment products onchain, aiming to merge old-money credibility with crypto programmability. (Boursier)

💱 Listed Markets

🇫🇷 Hot Wheels. Volkswagen’s ID. Buzz electric vans ignited at two separate TotalEnergies EV stations in France in less than a week, highlighting a recall that does not seem to cool things down.
🇩🇪 Das Defense. Volkswagen and Israel’s Rafael are close to launching a joint venture to assemble trucks for the Iron Dome system in Germany, giving Osnabrück’s car factory a new lease on life. And a new target market. (Boursier)
🇺🇸 Stack Anxiety. Testimony from the Musk-Altman trial reveals Satya Nadella feared Microsoft would become dependent on OpenAI, not the other way around. (Cnbc)
🇨🇳 AI Caramba. Alibaba is pouring money into artificial intelligence while battling food delivery rivals, leaving profits feeling the heat yet again. (Wall Street Journal)
🇨🇳 Ant Farm. Jack Ma-backed Ant Group saw its profit drop 79% as AI and health care investments ate up the margins, proving not every colony thrives. (Bloomberg)
🇯🇵 Loss and Found. Nissan expects to finally exit the red this year, announcing a profit forecast after another bruising $1.79B quarterly loss. (Wall Street Journal)
🇲🇾 Chip Shot. A Malaysian chipmaker’s IPO propels the country’s deals to their highest level in 13 years, making Kuala Lumpur the new market hotspot. (Bloomberg)
🇮🇱 Cloud Control. The head of Microsoft 🇺🇸 Israel will step down after an inquiry into the company’s tech being used for mass surveillance of Palestinians. (The Guardian)

🛎️ Big Deals (M&A)

Electricite de France 🇫🇷 looking to sell its renewable energy assets in China for over $500M.
Elis 🇫🇷 acquires Wäsche Perle 🇨🇭, a Swiss laundry company, for approximately €13.5M.
Siemens 🇩🇪 is exploring an acquisition of Mer Mec 🇮🇹 for over $1.2B.
SAP 🇩🇪 acquires a stake in n8n 🇩🇪, valuing the company at €4.42B.
Ludoil 🇮🇹 agrees to buy GOI Energy 🇨🇾’s ISAB refinery, the largest in Italy, from a company linked to Beny Steinmetz.
Czechoslovak Group 🇨🇿 proposes to acquire a stake in KNDS 🇩🇪🇫🇷, a Franco-German tank maker, in an all or mostly cash bid.
Airbus 🇪🇺 and Blackstone 🇺🇸 are in talks to invest €600M in Quantum Systems 🇩🇪, a drone startup.
EQT 🇪🇺 is preparing a potential $10B bid for Everllence 🇩🇪, Volkswagen’s heavy diesel engine unit, with backing from QIA and Porsche.
Verdane 🇪🇺 acquires a 50% stake in Telenor Connexion 🇳🇴 at an $810M valuation.
Intertek 🇬🇧 is set to accept a £10.6B takeover offer from EQT 🇸🇪 after rejecting three earlier bids.
Graycliff Partners 🇺🇸 acquires Tramont Manufacturing 🇺🇸, a manufacturer of custom-engineered generator enclosures and fuel tanks for backup power applications.
Eir Partners 🇺🇸 makes a growth investment in QuartzBio 🇺🇸 to enhance clinical trial intelligence; terms undisclosed.
Bristol-Myers 🇺🇸 signs a collaboration and licensing deal with Jiangsu Hengrui Pharmaceuticals 🇨🇳 worth $15.2B.
Stonepeak 🇺🇸 acquires Bank of Montreal 🇨🇦’s $10B truck and trailer financing platform.
Bain Capital 🇺🇸 and SoftBank 🇯🇵 submit a joint offer for Kakaku.com 🇯🇵 valued at $3.7B.
Trian Partners 🇺🇸 seeks investor backing for a potential LBO of Wendy’s 🇺🇸 valued at $1.5B.
Providence Equity Partners 🇺🇸 is exploring an acquisition of Gamma Communications 🇬🇧 for $1.1B.
Thomas Faust 🇺🇸 acquires a majority stake in mutual fund rescuer ReFlow Services 🇺🇸.
Brown-Forman 🇺🇸 rejects Sazerac 🇺🇸’s $17B acquisition bid, valuing the company at $32 a share.
GameStop 🇺🇸 makes a $56B unsolicited bid to acquire eBay 🇺🇸, offering $125 per share.
OpenAI 🇺🇸 acquires Tomoro 🇬🇧, a consulting firm it co-founded in 2023.
Quad-C Management 🇺🇸 invests in Thibaut 🇺🇸, a premier designer and distributor of wallcoverings and home products.
CSG 🇺🇸 made a bid to acquire a stake in KNDS 🇩🇪.
Equinox Gold 🇨🇦 and Orla Mining 🇨🇦 agree to merge, creating a $18.5B gold major.
CSN 🇧🇷 received non-binding offers for its cement unit.
Edificio Rostower Socimi 🇦🇷 acquires Via Wagner 🇪🇸 for $13.5M.
BYD 🇨🇳 is negotiating to acquire underutilized factories from Stellantis 🇮🇹 and other European automakers.
Eneos 🇯🇵 acquires Chevron 🇺🇸’s Asia oil assets for $2.2B.
Dubai Holding 🇦🇪 acquires a 22.3% stake in Emaar Properties 🇦🇪 from the Investment Corporation of Dubai for $6.5B.

🧳 Private Markets & VC

🇸🇪 Raise Expectations. Lovable offers 10% annual raises on work anniversaries, but critics say the policy fits unicorns, not the everyday startup zoo. (Sifted)
🇪🇺 Pitch Imperfect. A secretive group is recruiting whistleblowers to expose misconduct and conflicts of interest in Europe’s VC industry, promising to shake up the status quo. (Sifted)
🇪🇺 Truce Fund. Ares 🇺🇸 and Arcmont 🇬🇧 bury the hatchet and collaborate on a record secondary credit deal, showing the only grudge worth holding is for higher returns. (Bloomberg)
🇺🇸 Small Talk. Anthropic unveils new tools for small businesses, hoping to bring AI beyond the Fortune 500 and into your neighborhood coffee shop. (TechCrunch)
🇺🇸 Fee for All. Private equity investors want to stop paying both sides’ legal costs in fund negotiations, after years of soaring law firm revenues and unchecked billing. (Financial Times)
🇺🇸 Drone Alone. California’s Anduril doubled its valuation to $61B after a $5B raise, proving start-ups can outgun the old defence giants. At least on paper. (Financial Times)
🇺🇸 Valley of the Dolls. Andreessen Horowitz funneled $115M into this year’s midterms through super PACs, dwarfing rival billionaires and proving cash is still king in politics. (New York Times)
🇯🇵 SoftBank to the Future. SoftBank’s Vision Fund posted a $46B gain, almost entirely thanks to its massive OpenAI investment, while most other bets lagged behind. (Cnbc)
🇯🇵 AI of the Tiger. SoftBank reports a stunning $25B gain from its OpenAI 🇺🇸 stake, proving that sometimes the future really does pay for itself. (Wall Street Journal)

Fundraising

Anthropic 🇺🇸 (AI): $30B
Anduril 🇺🇸 (Defense Tech): $5B (Thrive Capital, Andreessen Horowitz)
Isomorphic Labs 🇺🇸 (Healthcare): $2.1BN (Thrive Capital, Alphabet, GV, Temasek, CapitalG, UK Sovereign AI Fund)
Mind Robotics 🇺🇸 (Robotics): $400M (Kleiner Perkins, Meritech Capital, Redpoint Ventures, SV Angel, Incharge Capital, A-Star Capital, Garuda Ventures, Accel, Andreessen Horowitz, Eclipse, Prysm Capital, Bain Capital Ventures, Greenoaks)
Rev1 Ventures 🇺🇸 (Venture Studio): $348M
Fractile 🇬🇧 (Semiconductors): $220M (Accel, Founders Fund, Factorial Funds, Conviction, Gigascale, O1A, Felicis, Buckley Ventures, 8VC)
Paymentology 🇬🇧 (Fintech): $175M (Apis Partners, Aspirity Partners)
Forus 🇺🇸 (Healthcare): $160M (Thrive Capital, General Catalyst, Accel)
Oishii 🇺🇸 (Agriculture): $150M (SPARX Asset Management, Nomura Real Estate Development, MISUMI Group, Mizuho Bank)
Panthalassa 🇺🇸 (Renewable Energy): $140M (Peter Thiel, John Doerr, Marc Benioff’s TIME Ventures, Max Levchin’s SciFi Ventures, Susquehanna Sustainable Investments, Hanwha Asset Management (USA), Anthony Pratt, Fortescue Ventures, Future Positive, WTI, Nimble Partners, Super Micro Computer, Sozo Ventures, Dylan Field, Planetary VC, Leblon Capital, Resilience Reserve, Portland Seed Fund, Intrepid Oregon Fund, Founders Fund, Gigascale Capital, Lowercarbon Capital, Unless, WovenEarth)
Exaforce 🇺🇸 (Cybersecurity): $125M (HarbourVest, Peak XV, Mayfield, Khosla Ventures, Seligman Ventures)
Elliptic 🇬🇧 (Blockchain): $120M (One Peak, Nasdaq Ventures, Deutsche Bank, British Business Bank)
waterdrop® 🇦🇹 (Beverages): €100M (Aspeya, Atlantic Grupa, Aleksander Aamodt Kilde)
Havoc 🇺🇸 (Defense): $100M (CCM Capital Markets, Clear Street LLC, Cobalt Capital, Boardman Bay Capital Management, Meet Perry, Mute Ventures, Soren Ventures, SAIC, JA Green, Outlander VC, Scout VC, B Capital, Lockheed Martin, Taiwania Capital, UP.Partners, The Veteran Fund)
Whitehawk Therapeutics 🇺🇸 (Oncology): $87.5M (Avoro Capital, QVT, Coastlands Capital, KVP Capital, ADAR1 Capital Management, Acuta Capital Partners, StemPoint Capital LP, Invus)
Wheels Up 🇺🇸 (Aviation): $68M
Star Catcher 🇺🇸 (Energy): $65M (B Capital, Shield Capital, Cerberus Ventures)
Tessera Labs 🇺🇸 (AI): $60M (Andreessen Horowitz, Foundation Capital, Myriad Venture Partners, Osage University Partners)
UroMems 🇫🇷 (Healthcare): $60M
Champion Leadership Group 🇺🇸 (Venture Capital): $55M
Monaco 🇺🇸 (Sales): $50M (Benchmark, Founders Fund, Human Capital)
Vapi 🇺🇸 (AI): $50M
Exponent Financial 🇺🇸 (Fintech): $40M
Mantle8 🇫🇷 (Energy): €31M (Sandwater, Breakthrough Energy Ventures, Ecotechnologies 2, IP Group, Wind Capital, Calderion)
Kembara 🇪🇸 (Fintech): €31M
Embat 🇩🇪 (Fintech): €30M (Cathay Innovation, Creandum, Samaipata, 4Founders Capital, Venture Friends)
9amHealth 🇺🇸 (Healthcare): $26M (Define Ventures, SemperVirens VC, Catalio Capital Management, NewHealth Ventures)
BranchLab 🇺🇸 (Healthcare): $26M (McKesson Ventures, FCA Venture Partners, Sanofi Ventures, AIX Ventures)
Webidoo 🇮🇹🇺🇸 (AI): $25M (Azimut Libera Impresa’s IXC3 fund)
Basata 🇺🇸 (Healthcare): $21M (Basis Set Ventures, Cowboy Ventures, PHX Ventures, Zenda Capital, Victoria Treyger)
Greenboard 🇺🇸 (Fintech): $20M (Base10 Partners, Y Combinator, General Catalyst, Wayfinder Ventures, Commerce Ventures, Transpose Platform, Liquid2 Ventures, Kulveer Taggar)
Fifth Dimension 🇬🇧 (AI): £19.2M
Adfin 🇬🇧 (Fintech): $18M (Index Ventures, Visionaries Club)
Outmarket AI 🇺🇸 (Insurance): $17M (Permanent Capital Ventures, SignalFire, Fika Ventures, TTV Capital, Dash Fund)
Fence 🇪🇸 (Fintech): €17M (Galaxy Ventures, ParaFi Capital, Crane Ventures Partners)
HrdWyr 🇺🇸 (Semiconductors): $13M
Casimir 🇺🇸 (Energy): $12M
Knit Health 🇺🇸 (Healthcare): $11.6M (Uncork Capital, Frist Cressey Ventures, Moxxie Ventures, Coalition Operators)
White Circle 🇫🇷 (AI): $11M (Romain Huet, Dirk Kingma, Guillaume Lample, Thomas Wolf, François Chollet, Olivier Pomel, Paige Bailey)
Vector 🇺🇸 (Advertising): $10M (SignalFire, HubSpot Ventures)
Origin Lab 🇺🇸 (Data): $8M (Lightspeed Ventures, SV Angel, Eniac, Seven Stars, FPV, Kevin Lin, Kyle Vogt)
BioInnovation Institute 🇩🇰 (AI): €7M
DesignVerse 🇷🇴 (Software): $5.5M (Begin Capital, Gapminder VC, Underline Ventures)
Kohort 🇬🇧 (Gaming): £5.1M
Secludy 🇺🇸 (Privacy-tech): $4M (Impression Ventures, LAUNCH, The Syndicate, Wedbush Ventures, Precursor Ventures, Hustle Fund, Script Capital, Mana Ventures, Chispa VC)
Fakto 🇫🇷 (SaaS): €3.6M (Frst, GFC, Darkmode, Alain Dehaze, Jean-Stéphane Arcis, Dominique Vidal)
Esk 🇬🇧 (Entertainment): £2.6M
Kaizan 🇬🇧 (AI): £2.5M
H2CHP 🇬🇧 (Energy): £1.5M
Gyver 🇮🇹 (Workforce): €1.4M (Brighteye, āltitude, Vento Ventures, Zanichelli Venture, Antler)

Fund Watch

Blackstone 🇺🇸: $10B (3rd Core Private Equity Fund, longer asset holding)
BNP Paribas Asset Management Alts 🇫🇷: €3B (Enhanced CRE Debt fund, commercial real estate debt)
Finback Investment Partners 🇺🇸: $500M (2nd private equity fund, oversubscribed)
A* 🇺🇸: $450M (3rd early-stage VC fund)
Pantheon 🇬🇧: $300M (sold 10% of PE portfolio, funding buybacks)
Portzamparc 🇫🇷: €100M (PME ISR fund, socially responsible investments)
Instituto de Crédito Oficial (ICO) 🇪🇸: €22.5M (investment in Azora European Climate Solutions Fund, green projects)
Arāya Ventures & Sie Ventures 🇬🇧: £7.5M (new fund for female-led startups in AI, deeptech, fintech, healthcare, sustainability)
JPMorgan Chase 🇺🇸: $N/A (2nd tokenized money market fund on Ethereum, JLTXX)

🔔IPO

Lufthansa 🇩🇪 (Airlines): will increase its stake in ITA Airways from 41% to 90% through a $380M share purchase.
TSK 🇪🇸 (Engineering): successfully raised €150M in its IPO in Spain.
Wise 🇬🇧 (Fintech): shifting its listing from London to the US with a market cap of $16B.
Fervo Energy 🇺🇸 (Energy): raised $1.89B in its IPO, achieving a market valuation of over $10B amid strong demand for AI data center power.
Fervo Energy 🇺🇸 (Energy): raised $1.89B in its IPO, achieving an initial valuation of approximately $7.7B.
Blackstone REIT 🇺🇸 (Real Estate): raised $1.75B in its IPO to acquire data centers.
Cerebras Systems 🇺🇸 (Tech): priced IPO shares at $185 each, raising at least $5.55B and achieving a $56.4B valuation.
American Electric Power 🇺🇸 (Utilities): seeking to raise $2.6B in a share sale at a 4% discount amid booming AI demand.
GMR Solutions 🇺🇸 (Healthcare): seeking to raise $480M in a downsized IPO at a $3.3B valuation.
Sunshine Silver Mining 🇺🇸 (Mining): filed for a $400M IPO to restart an Idaho mine.
Robinhood 🇺🇸 (Finance): preparing a second IPO of its VC fund aimed at retail investors.
Cerebras Systems 🇺🇸 (Semiconductors): raised $5.5B in its IPO, valuing the company at approximately $40B.
Fervo Energy 🇺🇸 (Energy): debuted on Nasdaq with shares closing at $36.54, achieving a market cap of $9.8B after pricing at $27.
Hitachi 🇯🇵 (Electronics): seeking to offload 8% of Hitachi Construction Machinery shares worth $640M in block trades.
Nobel Hygiene 🇮🇳 (Consumer Goods): seeking to raise $300M an India IPO backed by Quadria Capital.
Bagmane REIT 🇮🇳 (Real Estate): debuted successfully after raising $360M its IPO.

🧳 Debt

Atos S.E. 🇫🇷: raised €1.25B in a successful offering of guaranteed senior fixed and variable rate bonds.
UniCredit 🇮🇹: arranging SRTs tied to over $3.5B of corporate loans for CaixaBank and Banco Sabadell.
ServiceNow 🇺🇸: received $38B in orders for a $4B bond sale, its first since Covid.
Amazon 🇺🇸: raised $3.6B in its debut Swiss franc bond sale.
US Treasury 🇺🇸: sold $25B in 30-year bonds at a 5% yield for the first time since 2007.
Canyon Partners Real Estate 🇺🇸: provided a senior loan to refinance Rambler Atlanta, a Class-A student housing community.
ArcelorMittal 🇺🇸: priced a $1B bond offering with a 5.375% interest, maturing May 19, 2036.
JX Advanced Metals 🇯🇵: plans to sell $1.6B in convertible bonds for buybacks.
Yuanta Securities 🇹🇼: seeking $1B in loans to expand business.

❌ Failures

Kylotonn 🇫🇷: the video game studio plans to cut 84 jobs, representing 68% of its workforce, amid ongoing financial difficulties and a request for judicial recovery.
Minelli 🇫🇷: placed in judicial recovery in March, the shoe retailer announced its definitive closure after May 30.
Trdlokafe 🇨🇿: the franchise brand is in bankruptcy proceedings, facing claims from dissatisfied franchisees.
Nestlé 🇨🇭: the company plans to cut 2,000 white-collar jobs in Europe as part of a global restructuring effort.
Cisco 🇺🇸: the tech giant plans to cut fewer than 4,000 jobs, about 5% of its workforce, to focus on AI and related technologies.
LinkedIn 🇺🇸: the company plans to lay off 5% of its workforce, amounting to over 875 employees, amid a reorganization for growth.
CommScope 🇺🇸: lenders sued the telecom provider for breaching a debt agreement after failing to pay a $150M premium following a $10.5B sale.

🎯 For a Few More Minutes…

🇫🇷 Frankly Paris. Author Eric Weiner traces Benjamin Franklin’s Parisian adventures, spotlighting how Franklin charmed France into funding the American Revolution at age 70. (New York Times)
🇮🇹 Fowl Play. Punta Marina’s wild peacocks have multiplied to 120, dividing the village between enchanted birdwatchers and sleepless, car-scratching skeptics. (Le Figaro)
🇪🇺 Brand Gaul. Les Éditions Albert René blocks a Polish weapons company from using « Obelix » as a trademark, convincing the court that comics and ammo do not mix. (Die Zeit)
🇬🇧 Roast and Toxic. Greenpeace reports that a typical English roast may contain traces of 102 pesticides, including seven banned in the EU. Bon appétit. (The Guardian)
🇬🇧 Fine Line. Ofcom has fined a US-based suicide forum £950K after it was linked to 160 UK deaths, but the site remains online for now. (The Guardian)
🇺🇸 Flight Club. Solar Impulse 2, the pioneering solar-powered plane that circled the globe in 2016, was deliberately ditched in the Gulf of Mexico after weather forced its owners, Skydweller Aero 🇪🇸, to abandon the drone during a military exercise. The era of perpetual flight ends with a controlled splashdown. (Le Monde)
🇺🇸 Life After Death. At age 72, Tim Bovard keeps the art of taxidermy alive, reviving creatures for the Natural History Museum of Los Angeles County. (New York Times)
🇺🇸 Suit Yourself. Marco Rubio boarded Air Force One to China in the exact tracksuit Nicolas Maduro wore when captured, proving politics truly is a dress rehearsal. (El Pais)